EUR/USD Price Analysis: Bears are on the prowl but bulls are firming up
|- EUR/USD bears are attacking the daily support area.
- Bulls are stepping in and correction could be on the cards.
EUR/USD is hardening on the support area following today's minutes from the Federal Open Market Committee meeting. The US dollar surged higher to fresh 2022 highs but the euro remains within familiar ranges, albeit eyeing a run to test the 2022 lows. However, the pair could be in for a significant correction according to the following daily chart's analysis:
EUR/USD daily chart
The price would be expected to revisit the prior structure near a 38.2% Fibonacci retracement in the coming days. Currently, based on the recent lows, that level comes in near 1.10 the figure.
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